3e has a bunch of spells, and monster SLAs with short durations, that would be useful in combat, but not enough so to justify using them rather than a more powerful ability, or just attacking normally. The term I use is Opportunity Cost for a power or ability.
The 3e paladin had minor access to divine spells, but I don't think this felt right, IMO. The new 4e paladin's magical abilities majorly include smite attacks, which primarily damage a foe and also have a secondary effect, often conditional on the smite succeeding.
People seem to be obsessing about the secondary effect, while ignoring the fact that the smite damage itself is the main part of the power. Its likely paladins no longer have spells, and the secondary effects of smiting are their magic (along with whatever else paladins have). These secondary effects aren't particularly strong, as paladins are not primary casters. In 3e terms they would be swift spells, but I actually like the idea of tying the benefit of most of these effects to a successful smite.